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Venture capital versus bank financing in innovative German firms
Schäfer, Dorothea; Talavera, Oleksandr; Zimmermann, Volker - 2007
The paper investigates young firms' choice of capital source. Our theoretical model hypothesizes a positive (negative) relation between riskiness of the project (price of venture capital) and receiving informed equity. We test our predictions by employing a unique data set collected by KfW...
Persistent link: https://www.econbiz.de/10010264956
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The determinants of debt and (private-) equity financing in young innovative SMEs: Evidence from Germany
Schäfer, Dorothea; Werwatz, Axel; Zimmermann, Volker - 2004
Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of equity contracts since risky but high returns are of relatively more value for a loan-financed firm. On the contrary, authors who focus explicitly on start-up finance predict that...
Persistent link: https://www.econbiz.de/10010298280
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The Dynamics of External Financing
Jansson, Joakim - 2000
A dynamic process underlying firms' discrete financial choices has previously been found, but without controlling for unobserved heterogeneity, this dependence can either be of a true nature or an effect of firm-specific characteristics that we cannot observe. This study extends previous...
Persistent link: https://www.econbiz.de/10010321743
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Simulation-based valuation of project finance: does model complexity really matter?
Weber, Florian; Schmid, Thomas; Pietz, Matthäus; … - 2010
This paper analyzes the impact of model complexity on the net present value distribution and the expected default probability of equity investments in project finance. Model complexity is analyzed along two dimensions: simulation complexity and forecast complexity. We aim to identify model...
Persistent link: https://www.econbiz.de/10010305715
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Public-Private Partnership in infrastructure development: Case studies from Asia and Europe
Alfen, Hans Wilhelm; Kalidindi, Satyanarayana N.; … - 2009
Development of infrastructure projects with private engagement through PPP has become one of the commonly adopted procurement strategies in developed and developing countries. All over the world where PPP procurement has been used in one form or another, the way in which it is carried out has...
Persistent link: https://www.econbiz.de/10010308337
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The Determinants of Debt and (Private-) Equity Financing in Young Innovative SMEs : Evidence from Germany
Zimmermann, Volker; Werwatz, Axel; Schäfer, Dorothea - 2004
Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of equity contracts since risky but high returns are of relatively more value for a loan-financed firm. On the contrary, authors who focus explicitly on start-up finance predict that...
Persistent link: https://www.econbiz.de/10010260685
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Risikomanagement mit Kreditoptionen
Broll, Udo; Welzel, Peter - 2002
In diesem Beitrag wird die Einsatzmöglichkeit eines Kreditderivats vom Typ einer Kreditoption für eine Bank untersucht. Das Management des Kreditrisikos erfährt in jüngerer Zeit besondere Aufmerksamkeit. Gestiegenen Kreditausfallrisiken begegnen Kreditinstitute mehr und mehr durch die...
Persistent link: https://www.econbiz.de/10010291701
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Kredite für Kreative. Fremdfinanzierung in den Kreativbranchen am Beispiel der Berliner Modeszene
Bretz, Alexander - 2020
.h. durch Kredit) bestimmen, mit dem Ziel, Ansätze zu einer Optimierung der Unternehmensfinanzierung unter Einsatz der … mit der Projektbasierung der Unternehmensfinanzierung erklären lässt. Die intraseriale Kreditgewährung während der … Erwerbs- und Veräußerungsprozesse entlang der sog. Wertschöpfungsketten spielt für die Unternehmensfinanzierung früher …
Persistent link: https://www.econbiz.de/10012309839
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The commitment role of equity financing
Fahn, Matthias; Wamser, Georg; Merlo, Valeria - 2017
Existing theories of a firm's optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...
Persistent link: https://www.econbiz.de/10011916757
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The Commitment Role of Equity Financing
Fahn, Matthias; Wamser, Georg; Merlo, Valeria - 2017
Existing theories of a firm\'s optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...
Persistent link: https://www.econbiz.de/10011932906